Question #1(a)

8.0 points possible (graded, results hidden)

Given,

Q₁ = (4797/31) - (P₁/31)

Q₂ = (5261/14) - (P₂/14)

TC = 1695 + 15Q₁ + 14Q₂

Form the profit equation, and solve for the critical values.

(a) What is the critical value of Q₁?

(Give your answer to two decimal places, if necessary)

unanswered

(b) What is the critical value of Q₂?

(Give your answer to two decimal places, if necessary)

unanswered

(c) What is the value of |H₂|?

(Give your answer to two decimal places, if necessary)

unanswered

(d) What is the value of maximum profit?

(Give your answer to two decimal places, if necessary)

unanswered

Submit

You have used 0 of 1 attemptSome problems have options such as save, reset, hints, or show answer. These options follow the Submit button.

SaveSave Your Answer

Question #1(e)

2.0 points possible (graded, results hidden)

Based on the value of |H₂|, comment whether profit() is maximised or minimised.

Answer in one word.

unanswered

Submit

You have used 0 of 1 attemptSome problems have options such as save, reset, hints, or show answer. These options follow the Submit button.